Are you fed up with struggling to make ends meet? You may be wondering why you’re always broke. It is not a death sentence to be broke.

One thing is the root of your financial woes. You spend more than you earn.

These 9 Money Myths Will Keep You Broke

1. Money is not your forte

This belief is 100% limiting. Also known as a lie that you tell yourself. It was a lie you made up. You can do better.

It’s possible to choose. You don’t have to be a good money manager to take care of your finances.

Nobody is born ‘good at money. Your responsibility is to learn how to manage your money.

There are many great resources available that will help you learn how to manage your money.

Dave Ramsey is a great financial teacher. Many have read his book, The Total Money Makeover, and experienced a significant change in their financial lives.

If you are serious about mastering money, I recommend it highly.

2. For Emergencies, you will need a credit card

Nope! No, credit cards are not the answer to emergency situations.

What is an emergency fund? You should have an emergency fund. It is important to have money saved in case of an emergency. You rescue yourself.

Banks and financial institutions have created credit cards to make money off you.

Don’t feel proud or flattered when you receive a credit card offer. You are not doing the banks a favor.

They want you to rely on them. They do that because it’s their business.

Credit cards can give you false security. Credit cards can also give you an excuse not to have an emergency fund.

Instead, set aside money each paycheck to build an emergency fund. Only use it when you are truly in a pinch.

3. It’s impossible to save money.

This is the right place for you if you think you cannot afford to save money.

Any income can be saved.

You can’t afford to not save money. Now that you are aware that credit cards can make you spend more, and that emergency funds are essential,

you should let go of the idea that saving money is impossible.

It’s likely that you spend money on things that technically aren’t necessary.

Are you going to restaurants, eating out, drinking alcohol, or shopping at Target? You’re probably spending money you could save.

4. You are worthy of nice things

Every day, we are bombarded by messages claiming that we should spend our money on ourselves. Constantly, we are being sold to.

Both deserving and nice things have nothing to do. You don’t have to be broke or in debt. You are only doing it to yourself.

Are you aware of what you deserve?

Financial freedom and financial health are the two most important things in life.

However, buying all the nice things won’t get you there. Do yourself a favor and give thanks for what you really deserve.

6. Normal car payments

If you have a car loan, raise your hand.

It’s normal and it’s completely normal. Car loans are not uncommon, but they don’t have to be bad.

Car payments are the worst type of debt. Most people don’t have the money to buy cars.

You’re being ripped off if you buy a car new. In just a few months, it will lose nearly half of its value. The average monthly loan for a new car is $500.

If you have car payments, you are making the banks richer. To buy a car, save money. You will be able to afford a car that is affordable.

Start paying more on your car loan principal each month and make a payment early.

This will allow you to save money for your next vehicle. You can still pay cash when you are ready to buy one.

6. It’s impossible to afford to pay off your debt

Are you afraid that you will be stuck in debt your entire life?

You feel like you won’t ever get your finances in order or make enough money to pay off debt. You don’t have to feel that way. It is possible to get rid of the debt burden.

Although it takes effort and focus, anyone can achieve this goal. Dave Ramsey’s Debt Snowball Method is an amazing method that works like this:

These are some ways to get debt-free.

• List all of your debts in alphabetical order, from the smallest to the largest.
• Make minimum payments on all debts, except for the smallest.
• You should pay as little as possible on your smallest debts until they are gone.
• Pay as little as possible on your next small debt until it disappears.
• Repeat until you are debt-free

7. To buy items, you will need to borrow money

We know that credit cards and car loans are the main reason you’re broke.

This is true for all loans. If you borrow money to purchase things, you will always be in debt.

You can’t borrow money if you don’t have enough money. You cannot afford it.

You can’t afford to take on more debt. How do you get debt-free? The first step towards wealth is living without debt.

8. Your Credit Score is better if you have debt

Stop holding onto your debt for the bogus belief that it will help you build credit.

This is one of the rumors credit card companies love to spread so they can keep people indebted.

You can make more money from them. Yes, a credit card you can pay off each month and not only for emergencies can build your credit.

However, having debt doesn’t increase your credit score.

A high credit score is not necessary if you don’t intend to borrow money.

9. Budgets are not for accountants.

Without a plan, your money will disappear before you are able to even consider being smart about it.

Budgets don’t have to be restrictive.

Budgets are about freedom and less stress. Budgeting allows you to plan ahead how your paychecks are going to be spent.

Budgeting does not have to be complicated or require complicated spreadsheets.

These are the steps you need to make a budget.

• Calculate your monthly income.
• Make a list of your fixed expenses
• Add these expenses to your monthly income.
• Decide what to do with the money you have left. You can put some money towards savings and the rest into debt repayment.
• The rest of the money can be used for entertainment and food.

You must have a plan on how you will spend your money, no matter how much you have. You’ll never know where your money went.